Gold futures ended lower in the native market on Friday last week as investors and speculators exited positions in the precious metal in the overseas market where the Bullion dipped to a three-week low amid speculation that the United States Fed Reserve may hike interest rates for the 1st time in almost a decade, at its next policy meet in December month, lowering the lure for Gold as a store of value. Central bank held interest rates unchanged near zero last week, it sounded hawkish over policy tightening as it signaled that a rate increase remained an option in December month as it played down the impact of world wide risks over the US economy.
Consumer sentiment in the US climbed previous month, while household spending edged higher in September & Chicago PMI soared in October month, indicating strength in the economy of United States, bolstering the case for policy tightening.
Gold received some support from a weaker dollar which bolstered the appeal of the bullion as an alternative asset. Weaker greenback makes gold cheaper for those which hold other currencies. Today, Gold may trade on a cautious note as traders eye the US(United States) making data for October which will offer more cues over the economy’s health.
At the MCX, December 2015 contract for Gold futures closed at Rs 26,499 per 10 gms, down by 0.46 per-cent after opening at Rs 26,588, in comparison to the previous closing price of Rs 26,621. In the end, It attained the intra-day low of Rs 26,461.
Consumer sentiment in the US climbed previous month, while household spending edged higher in September & Chicago PMI soared in October month, indicating strength in the economy of United States, bolstering the case for policy tightening.
Gold received some support from a weaker dollar which bolstered the appeal of the bullion as an alternative asset. Weaker greenback makes gold cheaper for those which hold other currencies. Today, Gold may trade on a cautious note as traders eye the US(United States) making data for October which will offer more cues over the economy’s health.
At the MCX, December 2015 contract for Gold futures closed at Rs 26,499 per 10 gms, down by 0.46 per-cent after opening at Rs 26,588, in comparison to the previous closing price of Rs 26,621. In the end, It attained the intra-day low of Rs 26,461.
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